GOLD continue to move as part of a strong correction and a bullish channel. At the time of publication of the forecast, the price of GOLD is 1989 Dollars per Troy Ounce. Moving averages indicate the presence of a short-term bullish trend. Prices have gone up from the area between the signal lines, which indicates pressure from buyers of the asset and a potential continuation of growth already from current levels. At the moment, we should expect an attempt to develop a correction and a test of the support level near the 1975 area. Where should we expect a rebound upwards and continued growth in the price of GOLD with a potential target above the level of 2095.
GOLD Forecast and analysis for April 12, 2023
An additional signal in favor of a decrease in XAU/USD quotes will be a test of the resistance line on the relative strength index (RSI). The second signal will be a rebound from the lower border of the bullish channel. Cancellation of the option of falling prices for GOLD on April 12, 2023 will be a strong growth and a breakdown of the level of 1930. This will indicate a breakdown of the resistance area and continued growth to the area above the level of 1875. Expect an acceleration in the growth of XAU/USD quotes with a breakdown of the resistance area and closing prices above the level of 2065 , which will indicate a breakdown of the upper limit of the bullish channel.
GOLD Forecast and analysis for April 12, 2023 suggests an attempt to develop a price correction and a test of the support area near the level of 1975. Further, the continued growth of non-ferrous metal quotes with a target above the level of 2095. on the markets and a breakdown of the level of 1930. This will indicate a continued fall in the price of Gold with a potential target below the level of 1875.
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